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Kanjorski Schedules AIG Hearing

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A House panel will be putting American International Group Inc. under the microscope at 10 a.m. Wednesday.

The House Financial Services capital markets subcommittee has scheduled a hearing to discuss how American International Group Inc., New York, “got into its current situation, why it has received so much federal assistance, and how to move forward.”

“The federal government has provided AIG with access to well over $150 billion in federal aid to protect the global economy,” Rep. Paul Kanjorski, D-Pa., the subcommittee chairman, says. “Unfortunately, taxpayers do not understand how AIG ended up in such a terrible situation, nor do they understand why the federal government continues to give it money.”

Lawmakers must assess AIG’s progress and make sure that any taxpayer money AIG receives is spent efficiently and effectively, Kanjorski says.

Kanjorski has not yet announced the witness list.

When the hearing is in session, a Webcast of the hearing will be available here.